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The Colby College 403(b) Retirement Plan provides contributions to individually owned retirement annuity contracts issued by Teachers Insurance and Annuity Association-College Retirement Equities Fund (TIAA-CREF).


Contributions to annuity contracts are immediately vested, and participants may allocate contributions among different investment funds.

Human Resources has worked with TIAA-CREF to bring several valuable enhancements to our retirement plan, including non-TIAA-CREF investment options, TIAA-CREF Lifecycle Funds, personalized advice and planning services, and a dedicated website putting your retirement savings plan information at your fingertips. These enhancements are designed to make it easier for you to manage your retirement savings investments.


Voluntary: Group Supplemental Retirement Annuity (GSRA) 

Employees may participate in a voluntary GSRA account by completing a salary reduction agreement with the College and enrolling with TIAA-CREF. Within limits prescribed by law, such contributions are not subject to federal and state income tax; rather, earnings will be taxed when received as benefits upon withdrawal. Voluntary contributions can start, stop, or be changed monthly.

There is no waiting period to participate in a GSRA, and contributions can begin as soon as your account is established with TIAA-CREF. Colby does not match or contribute to the GSRA.

To set up an account with TIAA-CREF, visit Colby’s website maintained by TIAA-CREF.  Instructions can be found here.

 

Annual contribution limit

Contributions are subject to IRS income regulations.  For 2016 you may contribute up to $18,000 if you are less than 50 years old. If you are age 50 and above, you may contribute up to $24,000.


Mandatory: Retirement Annuity (RA)                                          

As a condition of employment, participation in a retirement annuity plan begins after two years of continuous eligible employment. The retirement plan requires contributions from both the College and the employee. The College contributes 8% on the first $84,900 of base salary and 10% on eligible earnings above $84,900. Employees will contribute 2% of their salary, and these mandatory contributions will be made on a salary-reduction basis. After you have successfully completed the two-year waiting period, contributions to an RA account will be initiated automatically.